IRS Tax Filing and Payment Updates
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We would like to provide a quick reminder that the IRS has extended tax filing and payment deadlines from April 15th to July 15th. The IRS has provided a helpful question and answer page at https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers
Highlights of the Q&A include:
- A listing of tax forms for which filing and payment of Federal income taxes are postponed. They are:
- Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS
- Form 1041, 1041-N, 1041-QFT
- Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF
- Form 8960
- Form 8991
As for state income tax returns, Pennsylvania has matched the federal government’s 3 month postponement and has extended the due date for personal income tax returns to July 15th. 1st quarter estimated tax payments are delayed as well until July 15th. Details can be found at https://www.media.pa.gov/Pages/Revenue-Details.aspx?newsid=307. The deadline for local earned income tax filings in Pennsylvania has also been pushed back to July 15th, as noted at https://www.keystonecollects.com/page/News_article73.
While most states have extended their income tax deadlines until July 15th, a few have not, so if you are not from Pennsylvania you should verify the correct deadline by checking your appropriate state website.
Finally, although you can delay submitting taxes until July 15th, if you are due a refund it likely would benefit you to file taxes sooner, as you would get your refund sooner.
Be well and stay well.
This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument or investment strategy. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any references to future returns are not promises - or even estimates - of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation for a specific investment. Past performance is not a guarantee of future results.
Advisory services offered through JMS Capital Group Wealth Services LLC, a Registered-Investment Advisor.